HUD Archive

Administration Plan to Help Homeowners – The Valuation Side

Last week the Obama Administration unveiled its plan to help homeowners refinance to take advantage of historically-low interest rates. We are going to focus on the valuation side of the plan. If you want the rest of the details...
February 6, 2012

HUD Eliminates Master Appraisal Report

The US Department of Housing and Urban Development (HUD) released ML 2011-07: Elimination of the Master Appraisal Report (MAR) effective January 12, 2011, for mortgages insured by the Federal Housing Administration (FHA). Previously, MARs allowed developers to obtain an...
January 21, 2011

TAVMA Asks for Delay in Fee Provision of Frank-Dodd

On August 25, 2010, The Title/Appraisal Vendor Management Association (TAVMA) sent a letter to the Federal Reserve Board (FRB) requesting that implementation of the customary and reasonable fee provision in Title XIV of the Frank-Dodd act be delayed.  The...
September 7, 2010

FHA Appraisal Update

HUD has updated the FAQs on appraiser independence stating that the appraisal report cannot be in the name of a broker and allowing the broker to order the appraisal from a AMC (but not multiple AMCs) and allowing a...

Round 2 of the Heavyweight Fight: Calling in the Big Guns

On January, 16, 2009, we brought to you the valuation fight that is appraisals vs. broker price opinions (BPO).  Today we bring you Round 2 – and this time it’s personal.  Well, it’s not really personal but there is...

Reminder: Eligibility Requirements for FHA Roster Appraisers

The Federal Housing Administration (FHA) reminds appraisers and lenders that as of October 1, 2009, appraisers on the FHA Appraisal Roster must be state certified. FHA made the announcement in ML 2009-36. Appraisers on the roster without state certification...
September 25, 2009

Latest on the Suspension of Taylor, Bean & Whitaker

Last week the US Department of Housing and Urban Development (HUD) suspended Taylor, Bean & Whitaker preventing the company from originating and underwriting FHA-insured mortgages. Additionally, Ginnie Mae defaulted and took over TBW’s mortgage backed securities program. Finally, TBW’s...
August 13, 2009

FHA Adopts Fannie Mae 1004MC Market Conditions Addendum

Effective April 1, 2009, the Federal Housing Administration will require appraisers to use the Market Conditions Addendum (Fannie Mae 1004MC, Freddie Mac Form 71). According to Mortgagee Letter 2009-09 released on March 23, 2009, this will ensure greater transparency...

How Baltimore Ensures NSP is NOT Destabilizing Their Market

The Neighborhood Stabilization Program requires that a foreclosure be purchased for 15 percent below market value. This requirement has caused concern among some that the discount requirement will result in a steeper decline in housing prices and further destabilization....